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March 27, 2018, 12:20 p.m. EDT

European stocks end up by 1.2%, rallying from 1-year low

Deutsche Bank looking for new CEO, says report

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By Carla Mozee and Victor Reklaitis, MarketWatch


Getty Images
Deutsche Bank is reportedly looking to replace CEO John Cryan, pictured here at Deutsche Bank’s headquarters in 2015.

European stocks finished with solid gains Tuesday, breaking a string of losses as concerns about a potential global trade war eased and as investors turned their focus to merger news and other corporate developments.

How markets are moving

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -0.66% bulked up 1.2% to end at 367.57, cutting its year-to-date drop to 5.6%. On Monday, the benchmark fell 0.7% and marked a fourth straight decline, as well as a one-year low.

In Frankfurt, the DAX 30 /zigman2/quotes/210597999/delayed DX:DAX -0.70% jumped 1.6% to finish at 11,970.83, and in Paris, the CAC 40 index /zigman2/quotes/210597958/delayed FR:PX1 -1.22% tacked on 1% to 5,115.74. The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.71% rose 1.6% in London to close at 7,000.14.

See: Brace for more ‘poor’ action by U.K. stocks, says world’s largest asset manager

The euro /zigman2/quotes/210561242/realtime/sampled EURUSD +0.2449% traded at $1.2409, down from $1.2446 late Monday in New York.

What’s driving markets

European equities followed in the footsteps of Asian stocks /zigman2/quotes/210597971/delayed JP:NIK +0.18%   /zigman2/quotes/210598030/delayed HK:HSI -0.95% , which leapt after Wall Street’s big rally on Monday that left the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.88% higher by 669 points.

U.S. stocks logged their best one-day percentage gains since 2015 on Monday on reports that U.S. and China are conducting behind-the-scenes talks to avert a global trade war. American stocks also were moving higher on Tuesday.

Fears about a possible trade war have hit global equity markets this month, driven by U.S. President Donald Trump’s push for tariffs on at least $50 billion of Chinese products.

Opinion: Who gets hurt in a trade war? Mostly not China

In other developments Tuesday, Erkki Liikanen, Finland’s central bank governor and a member of the European Central Bank’s governing council, told CNBC that political risks could pose a potential problem for economic recovery in the eurozone and that could prompt the ECB to extend its €1 trillion asset-purchase program that’s currently expected to wrap up in September.

What strategists are saying

Investors are “beginning to see light at the end of the tunnel after a period which threatened to see a global trade war break out,” said Joshua Mahony, market analyst at IG, in a note. “With Trump tweeting of multiple trade discussions going on behind the scenes, there is a feeling that the ultimate resolution will likely be a greater global access for U.S. firms, highlighting why we are seeing an outperformance in U.S. stocks.”

Stock movers

Deutsche Bank shares /zigman2/quotes/207242873/delayed XE:DBK -1.40% rose 1.1% following a report by the U.K.’s Times newspaper that the German lender is looking to replace Chief Executive John Cryan less than two years into his tenure. The bank had approached a senior executive at Goldman Sachs in its effort to find a successor to help turn around Deutsche Bank, which posted its third straight annual loss in 2017.

H&M Hennes & Mauritz AB /zigman2/quotes/208522175/delayed SE:HM.B -1.68% slumped by 5% after the Swedish retailer posted a 44% fall in first-quarter net profit, saying weak sales in the fourth quarter of 2017 and an “unusually” cold winter weather led to a stock imbalance.

Read: H&M’s stock has been cut in half over 3 years—here’s how to play it

Casino Guichard-Perrachon SA. /zigman2/quotes/203038848/delayed FR:CO -3.47% moved up 3.8% as the French company behind retailer Monoprix said it is struck a deal with Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN -1.79% to bring grocery items from its stores to members of Amazon’s Prime Now program.

GlaxoSmithKline PLC /zigman2/quotes/200381158/delayed UK:GSK +0.32% gained 4.9% after the drugmaker agreed to pay $13 billion to Novartis AG /zigman2/quotes/203286410/delayed CH:NOVN +0.77% for its 36.5% stake in their consumer health care joint venture. Novartis shares tacked on 2.1%.

Ferguson PLC /zigman2/quotes/209006722/delayed UK:FERG -2.20% jumped 6.7% as the building materials company said it plans to pay a $1 billion special dividend, and that its revenue and profit increased in the first half of its 2018 financial year.

/zigman2/quotes/210599654/delayed
XX : STOXX
368.78
-2.45 -0.66%
Volume: 0.00
Sept. 18, 2020 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
13,116.25
-91.87 -0.70%
Volume: 185,861
Sept. 18, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,978.18
-61.32 -1.22%
Volume: 279,158
Sept. 18, 2020 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,007.05
-42.87 -0.71%
Volume: 1.54M
Sept. 18, 2020 4:56p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.1871
+0.0029 +0.2449%
Volume: 0.0000
Sept. 21, 2020 1:09a
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,360.30
+40.93 +0.18%
Volume: 0.00
Sept. 18, 2020 3:15p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,223.09
-232.32 -0.95%
Volume: 680,092
Sept. 21, 2020 12:05p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,657.42
-244.56 -0.88%
Volume: 703.89M
Sept. 18, 2020 5:15p
loading...
/zigman2/quotes/207242873/delayed
XE : Germany: Xetra
7.67
-0.11 -1.40%
Volume: 23.42M
Sept. 18, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€15.78 billion
Rev. per Employee
€417,912
loading...
/zigman2/quotes/208522175/delayed
SE : Sweden: Stockholm
kr 157.85
-2.70 -1.68%
Volume: 5.19M
Sept. 18, 2020 5:29p
P/E Ratio
52.17
Dividend Yield
0.00%
Market Cap
kr261.25 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203038848/delayed
FR : France: Euronext Paris
21.72
-0.78 -3.47%
Volume: 606,106
Sept. 18, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€2.34 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 2,954.91
-53.82 -1.79%
Volume: 8.89M
Sept. 18, 2020 4:00p
P/E Ratio
113.58
Dividend Yield
N/A
Market Cap
$1480.08 billion
Rev. per Employee
$359,671
loading...
/zigman2/quotes/200381158/delayed
UK : U.K.: London
1,525.60 p
+4.80 +0.32%
Volume: 12.04M
Sept. 18, 2020 4:35p
P/E Ratio
11.46
Dividend Yield
5.24%
Market Cap
£75.94 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286410/delayed
CH : Switzerland: SWX
CHF 82.93
+0.63 +0.77%
Volume: 12.40M
Sept. 18, 2020 5:30p
P/E Ratio
27.08
Dividend Yield
3.56%
Market Cap
CHF182.84 billion
Rev. per Employee
CHF405,818
loading...
/zigman2/quotes/209006722/delayed
UK : U.K.: London
7,472.00 p
-168.00 -2.20%
Volume: 844,747
Sept. 18, 2020 4:35p
P/E Ratio
22.20
Dividend Yield
1.51%
Market Cap
£16.69 billion
Rev. per Employee
£434,666
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Carla Mozée is a reporter for MarketWatch, based in London. Follow her on Twitter @MWMozee. Victor Reklaitis is a London-based markets writer for MarketWatch. Follow him on Twitter @VicRek.

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